800V 直流：数据中心电源架构或迎范式转移，但谁能成为最强玩家尚未定论-800vDC Potential paradigm shift to data center power architecture, but jury still out on which player will emerge strongest

Summary of Key Points from the Conference Call Industry Overview - Industry: Capital Goods, specifically focusing on data center power architecture - New Technology: Introduction of 800vDC (voltage direct current) architecture for future AI data centers using Nvidia Vera Rubin GPUs, which will significantly increase power consumption per rack from ~50kW to ~1MW [2][6] Core Insights - Shift in Power Architecture: The transition to 800vDC represents a significant change in electrical design for data centers, potentially reshaping equipment across the power chain [2][6] - Adoption Rate: It is estimated that approximately 30% of new data centers could adopt 800vDC architectures by 2030, indicating a meaningful but uncertain adoption curve [6][8] - Solid-State Transformers (SST): SSTs are identified as critical enablers for 800vDC distribution, with Infineon forecasting the SST market to reach ~$1 billion by 2030, compared to a $15 billion market for traditional transformers today [6][8] - Market Leaders: Companies like ABB, Eaton, and Delta Electronics are noted as early leaders in the SST development, while private companies such as Heron and Ampersand are also well-positioned [8] Company-Specific Insights - Infineon: - Remains a leading supplier of power semiconductors, particularly in SiC and GaN, and is crucial for the transition to 800vDC architectures [7][8] - Management expects to nearly triple AI-server revenue in 2025 and double it again in 2026 to approximately €1.5 billion [8] - Emphasizes the importance of three product categories in 800vDC designs: SSTs, Solid-State Circuit Breakers (SSCB), and UPS-ESS solutions [8] Financial Projections - Market Size Projections: - SST market projected to reach ~$1 billion by 2030, while SSCB market is expected to be around ~$800 million [8] - Current demand for power semiconductor portfolio dedicated to 800vDC applications is supply-constrained, reflecting strong market demand [8] Risks and Considerations - Upside Risks: - Acceleration in building renovations in North America and Europe, and faster-than-expected data center investments could enhance growth [14] - Downside Risks: - Challenges with AVEVA integration, currency strength, and supply chain normalization could negatively impact revenue [15] Conclusion - The 800vDC architecture is poised to revolutionize data center power systems, with significant implications for equipment suppliers and market dynamics. The transition is still in early stages, and while there are clear leaders, the competitive landscape remains fluid as new technologies and players emerge.